PFCL Floats Empanelment Tender for Metering Infrastructure Service Providers

Solarium Green Energy Receives BSE Nod for Initial Public Offering

Power Transmission Company Kalpataru Projects Raises ₹10 Billion in QIP

Himachal Regulator Approves Tariff for 900 MW Hybrid Power Projects

Daily News Wrap-Up: HPERC Allows DISCOM To Procure 550 MW Solar Power

MES Invites Bids for Maintenance of 1.7 MW Solar Project

Exploring Solar Open Access Potential in Odisha and Haryana

Karnataka Floats EPC Tender for 1.2 MW Solar Project

Himachal Regulator Allows DISCOM to Procure 550 MW Solar Power from SECI

Agri-Solar Solutions Provider GK Energy Files Papers for ₹5.01 Billion IPO


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					</table><p><strong><a href="https://www.mercomindia.com/rajasthan-first-state-50-solar" target="_blank" rel="noopener">Rajasthan has become the first state in India to achieve more than 50% solar in its total installed power capacity, according to Mercom’s India Solar Project Tracker.</a></strong> The state has approximately 23 GW of solar capacity, representing 51% of its total installed power capacity. Solar energy also dominates Rajasthan’s renewable portfolio, accounting for 76% of its total installed renewable energy capacity. In 2022, Rajasthan became the first state in India to surpass 10 GW of cumulative large-scale solar installations. Rajasthan is the top solar state in India, housing a quarter of India’s cumulative large-scale solar capacity.</p>
<p><strong><a href="https://www.mercomindia.com/west-bengal-issues-om-tender-for-3-5-mw-rooftop-solar-project" target="_blank" rel="noopener">The West Bengal Power Development Corporation (WBPDCL) has invited bids for the operation and maintenance of a 3.5 MW rooftop solar project</a></strong> at the Sagardighi thermal power project. The last date to submit the bids is September 6, 2024. Bids will be opened on September 10. The estimated value of the tender is ₹5.24 million (~$62,413) for two years. Bidders must submit an earnest money deposit of ₹1.04 million (~$1,249). If the accepted bid value is 80% or less of the estimate put to tender, the successful bidder must submit 10% of the tendered amount as additional performance security.</p>
<p><strong><a href="https://www.mercomindia.com/e-bus-startup-fresh-bus-secures-10-42-million-in-series-a-funding" target="_blank" rel="noopener">Bengaluru-based intercity electric bus startup Fresh Bus has raised ₹875 million (~$10.42 million) in a Series A funding round.</a> </strong>The financing was led by the international early-stage transportation-focused VC fund Maniv. Shell Ventures, Alteria Capital, and existing investor Riverwalk Holdings also participated in the funding round. Fresh Bus will utilize the funds to launch 150 e-buses, expand its network to 15 new routes, enhance its technological capabilities, and strengthen its strategic team to drive growth. Founder and CEO of Fresh Bus Sudhakar Chirra said, &#8220;We expect to scale to 1,000 electric buses in pan-India over the next four years, generate skilled employment opportunities for thousands of people, and offer a green alternative for mass road transportation.&#8221;</p>
<p><strong><a href="https://www.mercomindia.com/gensol-matrix-gas-hydrogen-electrolyzer-bid" target="_blank" rel="noopener">Engineering and consulting firm Gensol Engineering has emerged as the winning bidder for a 237 MW hydrogen electrolyzer manufacturing capacity</a></strong> under the Production Linked Incentive (PLI) program in collaboration with Matrix Gas &amp; Renewables, a natural gas aggregator and hydrogen infrastructure developer. This capacity was secured through a competitive tender by the Solar Energy Corporation of India. The Gensol-Matrix consortium has secured a cumulative 300 MW capacity, including a prior 63 MW awarded in the first tranche of the SECI tender. This equates to a total incentive of ₹4.5 billion (~$53.6 million) under the PLI program.</p>
<p><strong><a href="https://www.mercomindia.com/inox-wind-swings-posts-record-revenue" target="_blank" rel="noopener">Inox Wind, a provider of wind energy solutions, has reported revenue of ₹6.51 billion (~$77.5 million) in the first quarter (Q1) of the financial year</a></strong> (FY) 2025, an 84.9% year-over-year (YoY) surge from ₹3.52 billion (~$41.9 million). The revenue increased by 16% from ₹5.63 billion (~$67 million) in Q4 FY24. The company’s EBITDA saw a rise of 349%, reaching ₹1.57 billion (~$18.6 million), up from ₹350 million (~$4.1 million) in the same quarter last year. This represents a 12% increase from ₹1.4 billion (~$16.6 million) in the previous quarter. Inox Wind reported a profit of ₹500 million (~$5.9 million), a turnaround from a loss of ₹650 million (~$7.7 million) in Q1 FY24.</p>
<p><strong><a href="https://www.mercomindia.com/ballard-powers-on-higher-fuel-cell-product-sales" target="_blank" rel="noopener">Fuel cell manufacturer Ballard Power Systems‘ second quarter (Q2) 2024 revenue reached $16 million, a 4% year-over-year (YoY) increase.</a> </strong>The growth was primarily driven by a 48% YoY increase in fuel cell product sales, which constituted 84% of total revenue, up from 59% in Q2 2023. The company reported a net loss of $31.46 million for Q2, up 4.5%from a net loss of $30.1 million during the same period in 2023. Adjusted EBITDA was approximately $35.4 million, compared to $34.2 million, a change of 3%YoY. Despite a strong start to the year with nearly $130 million in new orders in the first two quarters, Q2 saw a muted net order intake of $5 million.</p>


Daily News Wrap-Up: Rajasthan First State with 50% Solar in Power Mix


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					</table><p>Fuel cell manufacturer <a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard Power Systems</a>&#8216; second quarter (Q2) 2024 revenue reached $16 million, a 4% year-over-year (YoY) increase. The growth was primarily driven by a 48% YoY increase in fuel cell product sales, which constituted 84% of total revenue, up from 59% in Q2 2023.</p>
<p>The company reported a net loss of $31.46 million for Q2, up 4.5%from a net loss of $30.1 million during the same period in 2023.</p>
<p>Adjusted EBITDA was approximately $35.4 million, compared to $34.2 million, a change of 3%YoY.</p>
<p>Despite a strong start to the year with nearly $130 million in new orders in the first two quarters, Q2 saw a muted net order intake of $5 million. This was attributed to some customers deferring orders to the second half of the year.</p>
<p>The company has revised its 2024 capital expenditure guidance from $50-70 million to $25-40 million, reflecting a strategic decision to defer certain planned expenditures due to slower market adoption.</p>
<p>Cash operating costs remained flat compared to Q2 2023, and the company maintains a strong cash position of $678 million.</p>
<p><strong>Strategic Developments</strong></p>
<p>Ballard launched its 9th generation PEM fuel cell engine, the &#8220;FCmove-XD,&#8221; which it claimed offers better performance in heavy-duty mobility applications.</p>
<p>The company is also advancing Project Forge, which aims to scale bipolar plate production tenfold and reduce costs by 70%. This initiative is part of Ballard&#8217;s efforts to enhance manufacturing efficiency and reduce costs.</p>
<p>Ballard announced a strategic technology partnership with Vertiv to explore hydrogen-powered fuel cell backup power solutions for data centers, a rapidly growing market segment.</p>
<p>The company <a href="https://www.mercomindia.com/fuel-cell-firm-ballard-proposes-new-3-gw-facility" target="_blank" rel="noopener">recorded</a> a net loss from continuing operations in the first quarter of 2024 amounting to $41.1 million, an increase of 26.8% YoY from a net loss of $32.4 million.</p>
<p>In January this year, Adani Enterprises <a href="https://www.mercomindia.com/daily-news-wrap-up-reliance-to-buy-line-from-chinas-sc-solar" target="_blank" rel="noopener">signed</a> an agreement to launch a pilot project to develop a hydrogen fuel cell electric truck with Ashok Leyland and Ballard Power.</p>


Ballard Power’s Revenue Up 4% in Q2 2024 on Higher Fuel Cell Product Sales


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					</table><p>Fuel cell manufacturer <a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard Power Systems</a> recorded a net loss from continuing operations in the first quarter (Q1) of 2024 amounted to $41.1 million, recording an increase of 26.8% year-over-year (YoY) compared to a net loss of $32.4 million.</p>
<p>The increase in net loss was primarily driven by lower finance and other income of $7.5 million, attributed mainly to higher negative mark-to-market and foreign exchange impacts on long-term financial investments.</p>
<p>In Q1, revenue amounted to $14.5 million, a 9% increase year over year. The bulk of this revenue came from power products, which accounted for 88% of the total, a rise from 71% Year over Year in Q1 of 2023.</p>
<p>The company’s Heavy Duty Mobility segment revenue was $10.6 million, a 22% increase driven by higher revenues from their bus vertical. It was offset by weaker revenue in rail and marine verticals.</p>
<p>The revenue from the stationary segment increased by 48% YoY to $3.7 million, driven by the European market.</p>
<p>Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) stood at $36.6 million, compared to $36.9 million in Q1 2023, representing a marginal change of 1%.</p>
<p>The company said it maintained a disciplined approach to operating expenses and maintained a strong balance sheet.</p>
<p>Despite inflationary pressures, cash operating costs experienced a slight decrease compared to the first quarter of 2023, with the quarter ending with $720.7 million in cash and cash equivalents.</p>
<p>Ballard received ~$64.5 million worth of new orders during the quarter and managed to deliver $14.5 million worth of orders. The order backlog at the end of Q1 was $180.5 million, a 38% increase from Q4 2023.</p>
<p>The increase in order backlog was primarily driven by the demand in the European Bus and Stationary verticals and also by the company’s long-term supply agreement with Solaris.</p>
<p>The company said its proposed 3 GW facility will showcase advanced manufacturing techniques for next-generation fuel cells, operating at scaled production levels while substantially lowering costs.</p>
<p>Ballard has secured a $40 million grant from the U.S. Department of Energy&#8217;s (<a href="https://cms.mercomindia.com/remc-tender-wind-rajasthan/" target="_blank" rel="noopener">DOE</a>) Hydrogen and Fuel Cell Technologies Office and a potential award worth up to $54 million from the Qualifying Advanced Energy Project Tax Credit (48C) program, funded by the Inflation Reduction Act (IRA).</p>
<p>These funding sources together provide Ballard with a total potential funding of up to $94 million from the U.S. federal government.</p>
<p>Randy MacEwen, Ballard’s President and CEO, said, “We booked $64.5 million in new orders, increased our Order Backlog by 38%, announced total non-dilutive funding of $94 million for the planned build-out of our Rockwall Gigafactory, grew revenue by 9%, improved gross margin by 5 points, and reduced cash operating costs slightly while continuing to invest in next-generation products and product cost reduction.”</p>
<p>“I think with a $3 per kilogram production tax credit for clean hydrogen as that&#8217;s defined, you&#8217;re probably looking at around 50% of the cost of green hydrogen being subsidized. So, for us, we view this as a really significant enabler to the market,” MacEwen added.</p>
<p>The company <a href="https://www.mercomindia.com/ballard-power-systemss-loss-million" target="_blank" rel="noopener">reported</a> a net loss of $48.9 million in Q4 2023, an increase of 77.17% YoY from a net loss of $42.9 million, as operational expenses surged.</p>
<p>Ballard Power Systems <a href="https://www.mercomindia.com/ballard-net-loss-surges-q3" target="_blank" rel="noopener">reported</a> a net loss of $62.4 million (~$749,437) in Q3 2023, marking an increase of 46% YoY from a net loss of $42.9 million (~$515,238).</p>
<p>In January this year, Adani Enterprises <a href="https://www.mercomindia.com/daily-news-wrap-up-reliance-to-buy-line-from-chinas-sc-solar" target="_blank" rel="noopener">signed</a> an agreement to launch a pilot project to develop a hydrogen fuel cell electric truck with Ashok Leyland and Ballard Power. The collaboration marks Asia’s first planned hydrogen-powered mining truck, with FCET scheduled to be launched in India in 2023.</p>


Fuel Cell Firm Ballard Posts $14.5 Million Revenue, Proposes New 3 GW Facility


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					</table><p><a href="https://www.mercomindia.com/axis-juniper-acme-renew-ntpcs-1-5-gw-hybrid-auction/" target="_blank" rel="noopener"><strong>ABC Cleantech (Axis Energy), Juniper Green Energy, ACME Cleantech Solutions, and ReNew Solar Power (ReNew) were declared winners in NTPC’s auction</strong></a> for the supply of 1.5 GW of power from inter-state transmission system connected wind-solar hybrid power projects anywhere in India under Tranche IV. The projects are to be developed with or without the associated energy storage system. ABC Cleantech quoted the lowest tariff of ₹3.27 (~$0.0395)/kWh to win the highest awarded capacity of 750 MW.</p>
<p><a href="https://www.mercomindia.com/mahagenco-tender-50-mw-solar-projects-yavatmal/" target="_blank" rel="noopener"><strong>The Maharashtra State Power Generation Company has issued a tender to set up two grid-connected solar power projects totaling 50 MW capacity</strong></a> using crystalline silicon technology to help the DISCOM meet its renewable purchase obligation targets. The projects of 25 MW each will be established in the villages of Malkhed and Mangladevi in the Yavatmal district. The last date for submitting bids is April 26, 2024. Bids will be opened the same day. The first project is situated in Malkhed, covering an area of 47.26 hectares. The second project is in Mangladevi, covering 50.75 hectares.</p>
<p><a href="https://www.mercomindia.com/haryana-discom-invites-projects-under-kusum/" target="_blank" rel="noopener"><strong>Uttar Haryana Bijli Vitran Nigam has invited bids for the design, engineering, procurement, supply, construction, erection, testing, and commissioning of 5.01 MW solar power</strong></a> projects under Component C of the PM-KUSUM program in Haryana. The project capacity is spread across Sonipat, Yamuna Nagar, Kurukshetra, Kaithal and Panipat. The scope of work includes associated 33 kV or 11 kV lines, remote monitoring systems , and operation and maintenance for five years for the grid-connected ground-mounted solar projects. The last date for the submission of bids is April 4, 2024.</p>
<p><a href="https://www.mercomindia.com/lt-epc-contract-secis-100-mw-floating-solar/" target="_blank" rel="noopener"><strong>Larsen and Toubro (L&amp;T) has won the engineering procurement and construction contract for the Solar Energy Corporation of India’s 100 MW floating solar power project</strong></a> to be set up at Getalsud Dam in Ranchi, Jharkhand. The scope of work will include the design, engineering, supply, construction, erection, testing, and commissioning of the project. The company will also be responsible for the operation and maintenance for five years. L&amp;T quoted a total contract price of ₹6.06 billion (~$73.13 million) to win the contract.</p>
<p><a href="https://www.mercomindia.com/maharashtra-invites-with-crystalline-technology/" target="_blank" rel="noopener"><strong>The Maharashtra State Power Generation Company has invited bids to undertake the design, engineering, manufacturing, supply, erection, testing, and commissioning</strong></a> of two crystalline technology-based grid interactive solar power projects of 20 MW each. The scope of work includes the associated power evacuation arrangement and a five-year operation and maintenance commitment. The developers must deploy dry cleaning methods for the solar projects. The last date for submitting bids is April 24, 2024. Bids will be opened on April 26.</p>
<p><a href="https://www.mercomindia.com/india-growth-wind-installations-2023/" target="_blank" rel="noopener"><strong>India installed 2.8 GW of new wind energy capacity in 2023, a ~56% surge from 1.8 GW in 2022.</strong> <strong>The cumulative wind capacity as of December 2023 stood at 44.7 GW</strong></a>, compared to 41.9 GW at the end of 2022. In the fourth quarter (Q4) of 2023, India added 552 MW of wind power capacity, representing a 141% year-over-year increase, according to Mercom India Research. Installations in Q4 surged by 34% quarter-over-quarter. The increased demand for round-the-clock renewable energy has led to a rise in wind-solar hybrid projects across the country.</p>
<p><a href="https://www.mercomindia.com/lohum-secures-series-b-funding/" target="_blank" rel="noopener"><strong>India-based battery materials producer LOHUM has raised ₹4.5 billion (~$54 million) in a series B funding from Singularity Growth, Baring Private Equity,</strong></a> Cactus Venture Partners, and Venture East, amongst other new and existing venture firms. The company will channel these funds to expand its market and scale up its battery materials recycling operations across India. The company will also expand to new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia. LOHUM produces sustainable energy transition materials through battery recycling, raw material refining, and battery repurposing.</p>
<p><a href="https://www.mercomindia.com/in-clean-energy-push-odisha-worth-%E2%82%B9557-billion/" target="_blank" rel="noopener"><strong>The Odisha government has given the green light to a number of green energy projects with a promised investment of roughly ₹557 billion (~$6.7 billion).</strong></a> Among the proposals approved by the Odisha government is an electrolyzer manufacturing plant in Khordha to be set up by Waaree Clean Energy Solutions at a cost of ₹4.35 billion (~$52.4 million). Waaree will also develop a 1.20 MMTPA green ammonia project in Jagatsinghpur with an investment of ₹124.8 billion (~$1.5 billion).</p>
<p><a href="https://www.mercomindia.com/ballard-power-systemss-loss-million/" target="_blank" rel="noopener"><strong>Fuel cell manufacturer Ballard Power Systems has reported a net loss of $48.9 million in the fourth quarter of 2023, an increase of 77.17% year-over-year (YoY)</strong></a> from a net loss of $42.9 million, as operational expenses surge. The quarter saw a total revenue of $46.8 million, marking a 132% YoY increase. The heavy-duty mobility segment experienced a surge, with revenue reaching $29 million, showing a 219% YoY increase. The growth was attributed to heightened revenues in various sectors such as bus, truck, rail, and marine.</p>


Daily News Wrap-Up: NTPC’s 1.5 GW Wind-Solar Hybrid Auction Results


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					</table><p>The net loss of fuel cell and clean energy solutions provider <a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard Power Systems</a> narrowed to $34.4 million in the fourth quarter (Q4) of the financial year (FY) 2022 from a net loss of $43.8 million in the same quarter of 2021.</p>
<p>Ballard attributed its net loss reduction to higher finance and other income of $27.1 million due to increased investment income of $8.8 million.</p>
<p>However, the company’s quarterly revenue declined 44% year-over-year (YoY) to $20.5 million due to lower revenue from the heavy-duty motive and technology solutions.</p>
<p>The company’s sales were impacted by lower sales of its primary revenue earner, heavy-duty motive. The revenue fell 59% YoY to $9.2 million due to lower fuel cell product shipments in China and Europe.</p>
<p>Additionally, the company said that other reasons for the lower net loss were higher income tax recoveries of $2.8 million, lower acquisition-related costs of $1.5 million, and a lower stock-based compensation expense of $0.8 million.</p>
<p>It was further aided by an improved mark-to-market and foreign exchange impact of $13.2 million on the company’s long-term investments.</p>
<p>“In Q4, we delivered revenue of $20.5 million and a gross margin of (29)%. On revenue, we continue to be disappointed with delayed adoption in the China market and low activity levels at the Weichai-Ballard JV, which weighed on our 2022 results. We are working closely with our Weichai-Ballard JV to unlock growth in the China fuel cell bus and truck markets,” Ballard’s President and CEO Randy MacEwen said.</p>
<p>The adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) came in at negative $46.4 million compared to $25.5 million in Q4 of FY 2021.</p>
<p>During Q4, Ballard received approximately $52.2 million of new orders and delivered orders valued at $20.5 million, resulting in an order backlog of approximately $133.4 million at end-Q4.</p>
<p>The growth in order backlog growth was driven predominantly by increased orders from Europe, which now represent approximately 64% of the total order backlog, compared to approximately 38% at the end of Q4 2021.</p>
<p><strong>Full-year 2022</strong></p>
<p>Ballard’s net loss for FY 2022 widened to $173.5 million compared to $114.4 million in the previous year primarily driven by increased operating expenses.</p>
<p>The company’s total operating expenses in 2022 increased by 43% to $145.8 million from $102.1 million in 2021.</p>
<p>The total revenue from fuel cell products and services fell by 20% to $83.8 million compared to $104.5 million. Ballard said that the fall in revenue was primarily due to a 25% drop in heavy-duty motive revenue, which amounted to $38.9 million in 2022.</p>
<p>The company’s adjusted EBITDA loss widened to $144 million in 2022.</p>
<p>Last year, Ballard Power Systems <a href="https://www.mercomindia.com/ballard-supply-fuel-cell-indias-hydrogen-trains" target="_blank" rel="noopener">secured</a> a fuel cell module order from Medha Servo Drives, a rail system integrator, to develop India’s first hydrogen-powered trains. The two retrofitted diesel-electric commuter trains developed for Indian Railways would integrate 8 units of 100 kW FCmoveTM-HD+.</p>
<p>The company <a href="https://www.mercomindia.com/higher-operating-costs-ballards-net-loss-up-39-yoy-in-q3" target="_blank" rel="noopener">posted</a> a net loss of $42.88 million in the third quarter of 2022, a YoY increase of 39%.</p>


Ballard Power’s Q4 Net Loss Narrows to $34.4 Million


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					</table><p><a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard Power Systems</a>, a fuel cell and clean energy solutions provider, recorded a net loss of $42.88 million in the third quarter (Q3) of 2022, a year-over-year (YoY) increase of 39%.</p>
<p>The revenue for the quarter was $21.34 million, a 15% YoY decline. The company&#8217;s operating expenses were $40 million, which was $12.56 million more than the operating expense incurred during the same period last year. Expenses were driven primarily by higher expenditure on research, technology, and product development activities. Costs were also higher as a result of increased general and administrative expenses.</p>
<p>Ballard&#8217;s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) was $35.1 million, a 52% YoY increase. The company said that the difference was mainly due to the decrease in gross margin and surge in operating costs.</p>
<p>Randy MacEwen, President and CEO said, &#8220;On the customer front, we continued to focus on platform wins, with commercial milestones achieved in our truck and rail verticals. In trucks, we announced an order from Quantron for 140 fuel cell engines to support their planned deployment of heavy-duty fuel cell trucks in Europe. In rail, we announced orders across three continents, including an order from Siemens Mobility to power seven trains in the Berlin-Brandenburg region and an LOI for up to an additional 200 engines for the European commuter rail market. Our total order backlog grew 11 percent from last quarter to a total of $102 million, with Europe now contributing over half of our total backlog.&#8221;</p>
<p>Ballard received approximately $31.8 million of new orders in Q3 and delivered orders valued at $21.3 million, resulting in an order backlog of $101.7 million. Increased orders from Europe represent 55% of the total order backlog.</p>
<p>Ballard&#8217;s net loss for the first nine months (9M) of 2022 was $139.07 million, a YoY increase of 97%. The significant rise was due to higher operating costs and a dip in gross margin.</p>
<p>The revenue for the period was 63.32 million, a 6% decrease YoY.</p>
<p>Ballard Power Systems had <a href="https://mercomindia.com/ballard-supply-fuel-cell-indias-hydrogen-trains/" target="_blank" rel="noopener">secured</a> a fuel cell module order from Medha Servo Drives, a rail system integrator, to develop India&#8217;s first hydrogen-powered trains. The two retrofitted diesel-electric commuter trains developed for Indian Railways will integrate eight units of 100 kW FCmoveTM-HD+. The trains are scheduled to go into service in 2024, with the potential for additional retrofits following the initial deployment.</p>
<p>Ballard <a href="https://mercomindia.com/daily-news-wrap-up-azure-refinances-solar-project/" target="_blank" rel="noopener">signed</a> a memorandum of understanding with the Adani Group to evaluate the case for the commercialization of fuel cells in various applications in India. The two parties will explore opportunities for fuel cell manufacturing in India.</p>


Higher Operating Costs Drive Fuel Cell Firm Ballard’s Net Loss Up 39% YoY in Q3


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					</table><p>Fuel-cell technology company <a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard Power Systems</a> has secured a fuel cell module order from <a href="https://medha.com/" target="_blank" rel="noopener">Medha Servo Drives</a>, a rail system integrator, to develop India’s first hydrogen-powered trains.</p>
<p>The two retrofitted diesel-electric commuter trains developed for Indian Railways will integrate 8 units of 100 kW FCmoveTM-HD+. They will have improved efficiency and power density than previous module generations.</p>
<p>The trains are scheduled to go into service in 2024, with the potential for additional retrofits following the initial deployment.</p>
<p>The estimated investment in the hydrogen fuel cell project will have a payback of less than two years as the cost of hydrogen is now less than diesel. The use of hydrogen will also reduce annual carbon dioxide emissions by over 11 metric tons and eliminate nearly a metric ton of particulate matter per year.</p>
<p>“Rail transportation is a critical piece of infrastructure across India, and we are proud to be taking the first steps to decarbonize this facet of our economy. With leading technology and strong project economics, we are optimistic about the future of zero-emission rail transport,” said Kasyap Reddy, Managing Director of Medha Servo Drives.</p>
<p>“Our progress in decarbonizing the rail market is just beginning, as we work with leading rolling stock manufacturers, integrators and operators globally. We are excited to grow our fuel cell business in India and to power the first hydrogen-powered, zero-emission passenger trains in the Indian market,” said David Mucciacciaro, Chief Commercial Officer of Ballard.</p>
<p>In January 2021, the Indian Railways Organization of Alternate Fuel (IROAF) <a href="https://mercomindia.com/bids-invited-hydrogen-fuel-cell/" target="_blank" rel="noopener">invited</a> bids to develop a hydrogen fuel cell-based hybrid power train for retrofitting the 700 HP diesel-hydraulic locomotives running on the Kalka-Shimla narrow gauge section in Himachal Pradesh.</p>
<p>Indian Railways <a href="https://mercomindia.com/daily-news-wrap-up-indian-railways-hydrogen-fuel/" target="_blank" rel="noopener">aims</a> to retrofit diesel-powered diesel-electric multiple units into a hydrogen fuel-based train, saving ₹23 million (~$309,718) per year. The technology will be tested on the diesel-electric multiple units on the 89-km Sonipat-Jind section of the Northern Railway.</p>
<p>Ballard has <a href="https://mercomindia.com/daily-news-wrap-up-azure-refinances-solar-project/" target="_blank" rel="noopener">signed</a> a memorandum of understanding with the Adani Group to evaluate the case for the commercialization of fuel cells in various applications in India. The two parties will explore opportunities for fuel cell manufacturing in India.</p>


Ballard to Supply Fuel Cell Modules for India’s First Hydrogen-Powered Trains

<p>Fuel cell solutions provider <a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard</a> Power Systems announced the results for the fourth quarter (Q4), and the year ended December 31, 2021. Ballard zero-emission PEM fuel cells enable electrification of mobility, including buses, commercial trucks, trains, marine vessels, passenger cars, and forklift trucks.</p>
<p>The company reported total revenue of $36.7 million in Q4 2021, up by 28% year-over-year (YoY) during the same period in 2020. The increase was mainly driven by the growth in power product sales, offsetting the demand in technology solutions revenue.</p>
<p>The company, however, reported a net loss of $43.8 million, an increase of 204% from $14.4 million in Q4 2021.</p>
<p>The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at $25.5 million, an increase of 76%, compared to $14.5 million in Q4 2020, driven mainly by a decrease in gross margin and increase in cash operating costs.</p>
<p>The company said that power products generated revenue of $26.6 million in the quarter, marking an increase of 77% driven by higher shipments of fuel cell products.</p>
<p>For Q4 2021, the company registered revenue from heavy-duty modules (fuel cells) of $22.5 million, increasing by 89%, primarily due to higher sales to customers in China, Europe, and North America.</p>
<p>The backup power revenue increased by 30% and stood at $2.7 million, driven by increased sales of backup power fuel cell stacks, products, and service revenues in Europe.</p>
<p>Ballard reported revenue of $10.1 million in Q4 2021 from technology solutions, decreasing by 26% due to the decrease in the completion of certain customer programs.</p>
<p>The company received approximately $21.2 million of new orders in Q4 2021 and delivered orders valued at $36.7 million, resulting in an order backlog of approximately $93 million at the end of Q4 2021.</p>
<p style="text-align: center;"><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/03/Ballard.jpg"><img loading="lazy" decoding="async" class="alignnone wp-image-33367 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/03/Ballard.jpg" alt="Ballard" width="875" height="228" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/03/Ballard.jpg 875w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/03/Ballard-300x78.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/03/Ballard-768x200.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/03/Ballard-650x169.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/03/Ballard-624x163.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/03/Ballard-600x156.jpg 600w" sizes="(max-width: 875px) 100vw, 875px" /></a></p>
<p>“2021 was an important year for Ballard as we made significant progress against our strategic plan and continued to position Ballard as a leading fuel cell player in the decarbonization of medium- and heavy-duty mobility. In 2021, we deepened our customer base in our target markets and made marked progress with existing and new partnerships. This progress is critical as we begin to transition various customer programs and pilots into long-term supply agreements, order book growth, and series production,” said Randy MacEwen, President and CEO.</p>
<p><strong> </strong><strong>Full year 2021 financial highlights</strong></p>
<p><strong> </strong>The company posted revenue of $104.5 million in CY 2021, a slight increase of 1 %, driven mainly by an increase in power product sales, offsetting the decline in technology solutions revenue.</p>
<p>The company reported a net loss of $114.4 million, an increase of 131% from $49.5 million in 2020.</p>
<p>The adjusted EBITDA stood at $82.2 million in 2021, a decrease of 111.3% compared to $38.9 million in 2020, primarily due to the decrease in gross margin, increase in cash operating costs, and higher equity loss of investments in the joint ventures and associates.</p>
<p>The power products generated revenue of $68 million during the year, marking an increase of 16%, driven mainly by higher shipments of fuel cell products.</p>
<p>The company reported revenue from heavy-duty modules (fuel cells) of $51.7 million, increasing by 8%, due to higher shipments of fuel cell products to customers primarily in North America and Europe, offsetting the decline in China.</p>
<p>Technology solutions generated revenue of $36.5 million in the year, a decrease of 19% due to decreased amounts earned as a result of the completion of certain customer programs.</p>
<p>The company reported reserves of $1.1 billion on December 31, an increase of 47% from the end of Q4 2020 and a decrease of 8% from the end of Q3 2021.</p>
<p>Recently, Ballard announced it had <a href="https://mercomindia.com/daily-news-wrap-up-azure-refinances-solar-project/" target="_blank" rel="noopener">signed</a> a non-binding memorandum of understanding with the Adani Group to evaluate a joint investment case for the commercialization of fuel cells in various applications in India, such as trucks, mining equipment, marine vessels, off-road vehicles, and critical industrial power. Under the MOU, both parties will examine various options to cooperate, including potential collaboration for fuel cell manufacturing in India.</p>
<p>Earlier, Ballard Power Systems and Forsee Power had <a href="https://mercomindia.com/daily-news-wrap-up-sterlite-power-transmission-project/" target="_blank" rel="noopener">announced</a> the signing of a memorandum of understanding for a strategic partnership to develop fully integrated fuel cell and battery solutions. The partnership aimed to create a fully integrated solution combining a fuel cell and battery system optimized to meet the needs of targeted medium and heavy-duty mobility markets of bus, truck, rail, marine, and off-road.</p>
<p>Image: Jan Kubík <a href="https://upload.wikimedia.org/wikipedia/commons/5/55/TriHyBus_MSV_Brno_2010_Fuel_Cell.JPG" target="_blank" rel="noopener">CC</a> BY-SA 3.0 via Wikimedia Commons</p>


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